Most people have learned that at one point or another, debt can quickly spiral out of control. A heavy debt burden can have far-reaching effects on everything you do, including how you manage your business and plan for the future. Sometimes, debt can even negatively impact your home and family. But it does not have to be that way. You have options. One of them is bankruptcy. While it may sound unpleasant, if done correctly, you could get the fresh start you need to gain control over your finances.
At Farmer & Morris Law, PLLC, our Asheville bankruptcy lawyers can help you navigate the legal process and determine if filing bankruptcy is the right move for you. We will go over the different types of bankruptcy filings and discuss which one makes the most sense for your situation. If you decide to move forward with us, we will negotiate with your creditors and take actions that allow you to start living a stress-free life.
To receive a free bankruptcy case evaluation with a member of the Farmer & Morris, PLLC team today, call us at (828) 286-3866.
Consult With an Asheville Bankruptcy Lawyer
Many people wrongly associate the word “bankrupt” with “broke,” but that is an inaccurate comparison. A broke person has no money or income coming in. A bankrupt person may be financially successful but has debt obligations that exceed their ability to make payments and remain current. Sometimes this arises due to factors outside your control, such as medical problems, job loss, or economic recessions.
Bankruptcy allows a person whose debt has become unmanageable to restructure it into something they can handle. In some cases, filing for bankruptcy allows you to hold onto your property and relinquish many of your financial obligations.
If you are stressed out over your debt, here are a few reasons you should consult with Farmer & Morris Law, PLLC:
Get a Fresh Start
All types of bankruptcy allow you a fresh start in your financial life. This opportunity could allow you to view your personal and professional finances in a new light. Many of us wish that we could go back in time and make different decisions regarding our financial history. By filing for bankruptcy, this could be your second chance to start over.
There will, of course, be certain trade-offs and sacrifices to get that fresh start, but with the help of an Asheville bankruptcy lawyer, you can avoid sinking into insurmountable debt. After your free initial case evaluation, we can discuss the entire bankruptcy process and what to expect from it.
Manage Your Debt
Not everyone qualifies to wipe out their debt and start over. Depending on what bankruptcy chapter you file for, you may have to give up some of your assets or come up with a plan that allows you to make manageable payments over time. An Asheville bankruptcy lawyer can not only advise you on your legal options but also help you come up with a plan to prevent your debt from overwhelming you again.
To get started, call Farmer & Morris Law, PLLC today at (828) 286-3866.
Get Your Life Back
No matter what form of bankruptcy makes the most sense for you, our legal team can help you make decisions that promote your future. Without every free dollar going to service debt, you can start saving and investing again. If your refrigerator breaks down or your plumbing leaks, you can fix it without having to decide which bill gets skipped that month. As we mentioned before, making the decision to file for bankruptcy can be a tough choice. However, it can give you a second chance when it comes to managing your finances.
For a free legal consultation with a bankruptcy lawyer serving Asheville, call 828.286.3866
Types of Bankruptcy Chapters
After your free initial case evaluation, the Asheville bankruptcy lawyers from Farmer & Morris Law, PLLC can help you decide which type of bankruptcy makes the most sense for your situation. Our law firm handles four types of bankruptcy chapters. They include Chapter 7, Chapter 13, Chapter 11, and Chapter 12.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is also known as total bankruptcy. According to the United States Courts, this form of bankruptcy wipes out most or all of your debt and lets you start over. In order to pay off at least some of what you owe to your creditors, you may be required to liquidate certain assets, but you can typically keep the things that are essential, including your furniture, car, and in some cases, your home.
Chapter 13 Bankruptcy
The United States Courts refer to Chapter 13 bankruptcy as a “wage earner’s plan.” If you have a reliable monthly income that exceeds your basic living expenses, you may not qualify for total bankruptcy. With Chapter 13, your attorneys will help you consolidate your debt into a single monthly payment that is typically much lower than the total of your payments now..
Chapter 11 Bankruptcy
Chapter 11 is a type of bankruptcy typically reserved for businesses. If you are a business owner facing financial trouble, we can discuss this option with you. In this situation, you have the ability to reorganize your debts into a plan that is manageable for you. According to the United States Courts, this allows you to keep your business open while also paying off your creditors over time.
Chapter 12 Bankruptcy
According to the American Farm Bureau Federation, to qualify for Chapter 12 bankruptcy, you must be a “family farmer” or “family fisherman.” This allows debtors who make a living in agriculture to pay off their creditors in a payment plan that could last anywhere from three to five years.
No matter which form of bankruptcy makes the most sense for you, we will handle it all so that you can focus on your future, not the stress of the process. We are ready to help you build a healthy, stress-free financial future starting today.
Asheville Bankruptcy Lawyer Near Me 828.286.3866
Call Farmer & Morris Law, PLLC for a Free Bankruptcy Consultation
The Asheville bankruptcy lawyers at Farmer & Morris Law, PLLC are ready to get to work putting your finances in order today. We can help you eliminate or restructure your debt so that it no longer overwhelms you. The sooner you take action, the sooner you can start getting your life back.
For a free, no-obligation consultation, call our office today at (828) 286-3866.